Meltdown 101: Which Jobs Reports Tell Full Story?

Here are questions and answers about the main jobs reports that experts consult to read the labor market.

Q: What are the most important reports that experts watch?

A: Two major government reports get the most attention: the weekly jobless claims report filed by the Department of Labor, and the monthly unemployment report from the Bureau of Labor Statistics. These are complemented by a slew of private reports issued by economic consultants like Moody's Economy.com, or Automatic Data Processing, Inc.

Q: What does the report on weekly jobless claims measure?

A: The report captures the number of people who file their first claim for unemployment insurance after being laid off.

This can be a good measure for how many jobs were cut the week before, but it doesn't capture the whole picture. For whatever reason, not everyone who loses their job ends up filing for unemployment insurance benefits, or at least they may not file right away. Still, the rough number can point to upward or downward trends in the labor market between monthly reports filed by the Bureau of Labor Statistics.